What Car Loan Can I Get With a 650 Credit Score?

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Are you looking for a car loan but feel compromised by a poor credit score? If so, you've come to the right place. A poor (or even a fair) credit score can limit you in many ways. However, try not to feel bad about this; many Americans have credit scores that are less than ideal. The good news is that there are workarounds. As a matter of fact, all you need are a few insights and a company willing to work with you to get a 650 credit score car loan.

What is a Credit Score?

Your credit score is a 3-digit number determined by a strict analysis of the files associated with your credit. This simple numerical figure expresses your creditworthiness. And as a result, it determines the level of trust creditors have when it comes to lending you money or extending you additional lines of credit. Your credit score is mainly based on the credit report data that's usually attained from credit bureaus.

What Does a 650 Credit Score Mean?

If you have a 650 credit score, you're someone who has a so-so level of trustworthiness. No red flags have yet to be raised (although you're getting pretty close); conversely, there's also nothing remarkable or excellent either. With a 650 credit score, you can typically qualify for certain financial products such as a car loan or even a mortgage. 

However, due to the increased level of risk, you'll most likely pay more in interest rates than an individual who has a higher credit score. "Good" credit starts at around the 690 range.

Is a 650 Credit Score Considered Average or Low?

A credit score of 650 is not particularly impressive. It's right around the average range for the everyday American. However, that standard is being used loosely, as a 650 credit score is on the brink of the lower end of the credit spectrum. For this reason, while it is still considered average, a 650 credit score is still low enough that it may present you with some challenges in getting certain types of loans. 

To give you a better idea of where 650 lands in regards to a credit score, 650 is actually lower than the national average credit score. As a result, creditors may look at someone with a 650 credit as having a higher probability of going delinquent.

Car Loan Options with a 650 Credit Score

Depending on where you go to look for a 650 credit score car loan, you may have limited options. However, that doesn't mean it's impossible. For example, we at Granite Hyundai offer a credit repair service where we help you dispute any possible errors on your credit report. From there, we will work with you to see how to apply for an auto loan, given your unique circumstances and financial situation.

Types of Car Loans Available for a 650 Credit Score

While a 650 credit score may limit the type of car loan you are eligible for, that doesn't mean you no longer qualify for car loans in general. If you have a credit score of 650, you might still be eligible for a car loan; the only caveat is that you may be subject to a higher interest rate. A credit score of 650 could land you an interest rate as high as 30%. As a result, you'll have to pay a 20% down payment (at minimum) of the entire amount.

How Lenders Perceive a 650 Credit Score for Car Loans

A credit score of 650 or above is typically seen as a good rating. However, as stated earlier, 650 is right on the edge. While creditors don't see a 650 credit score as an excellent rating by any means, they certainly don't see it as horrible either. As a result, they'll typically allow for a car loan with that rating based on the loan provider. 600 is, generally speaking, seen as the lowest score that a lender will loan to. However, a 600 credit score will raise some red flags, as your trustworthiness will come into question at that point. 

If your score drops below 650, you'll find it increasingly challenging to find a loan provider who will accept your rating. And anyone who does will almost certainly require you to pay both a higher down payment and a higher interest rate as a result. 

Expected Interest Rates with a 650 Credit Score

Expect rates to fluctuate based on certain factors: Who your loan provider is, your credit history, and other variables. However, a 650 credit score could, on average, net you an interest rate of 13.72% on a used car. For this reason, it's always a wise decision to try to improve your credit first before taking out an auto loan. It will save you a lot of money down the line. 

However, if that's not an option, you can typically get your 650 credit score car loan on a used Hyundai with a 13.72% interest rate.

Car Loan Terms for a 650 Credit Score

With a 650 credit score, you're right on the edge of getting favorable car loan terms. The majority of loans with this credit rating will require a down payment. Moreover, they will also more than likely come with a term of 48 months (or possibly even longer).

Repayment Schedules for a 650 Credit Score Car Loan

Consumers with a 650 credit score might be able to attain car loan terms that range from a couple of years to 85 months or more. The length of the term will determine the schedule of your loan repayment. For instance, if you have a fixed-rate car loan paired with a 5-year term, you would have 60 monthly payments. It's important to ensure your payments are always paid on time and in full every month throughout the entire loan period.

Strategies for Improving Your Credit Score

In order to get the best rates and terms on your auto loan, it's important to consider improving your credit score. While this may take some time, it could save you thousands of dollars. As a result, it's worth your careful consideration. However, you're probably wondering how you can go about improving your credit score. Here are a few simple, practical steps you can take:

• Check your credit reports: To start improving your credit, it can be helpful to take a look at where you currently stand on your credit report. Get a copy of your credit report; you can find it from the national credit bureaus: TransUnion, Equifax, and Experian. Examine each report to determine the factors that may be compromising your credit score. 
• Start paying bills on time every month: Create a filing system or set up automatic banking. Whatever you have to do to get a handle on your bills, do it. A consistent track record of on-time bill payments shows creditors you are trustworthy and responsible. Moreover, it will also boost your credit score over time.

• Handle delinquencies: If you have accounts that have become delinquent, ensure that you take care of them as soon as possible. For example, an account with numerous missed or late payments needs to be made current. From there, you can determine a plan to make future payments on time to ensure your credit improves.
• Monitor your progress: While it may not be a tactic that helps pay the debts themselves, monitoring your progress can be incredibly motivating to continue with your plan. Seeing the debts disappear, the bills become current, and your credit improve can be a strong catalyst to go the distance on down days.

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Granite Hyundai Can Help You Get a Loan

If you need a 650 credit score car loan and are unsure where or who to turn to, we are here to help. At Granite Hyundai, we have a credit restoration program that can assist you with your poor credit. Our team of experts will help by assessing your credit report and financial situation. Our team looks to find errors that we can dispute with credit reporting firms. When this preliminary work is complete, you may be able to apply for an auto loan that is customized with payments that fit your budget and current situation.

Moreover, our program encourages ongoing education and provides continual support so that you can make wise financial choices in the future.

Use Granite Hyundai's Credit Repair Program

If you're looking for credit repair, we at Granite Hyundai can help. We offer an in-depth credit repair program that guides you through the credit restoration process smoothly and easily. You'll receive a personalized financial assessment and ongoing support to help you get back on your feet. Our program is designed to help you restore your credit and confidence. 

Whether you're simply starting out on your financial journey or you're trying to bounce back from financial hardship, our program helps guide you toward the prosperity that you deserve. So, if you're ready, get in touch with us today to learn more.